Sales activity was led by Pune with 26 percent share, followed by Mumbai with 19 percent
Based on a recent report by CBRE South Asia, residential sales recorded more than 75 percent growth on a year-on-year basis across India’s top seven cities in the first half of 2021, reported ET Realty.com.
Pune led sales activity with a 26 percent share, followed by Mumbai at 19 percent, Hyderabad at 18 percent, and Delhi-NCR at a close 17 percent.
Anshuman Magazine, chairman, India & South-East Asia, Middle East & Africa, CBRE, said, “The residential segment has played a major role in the real estate sector’s growth in India. The initiatives undertaken by the central and state governments have been crucial and commendable for the revival in the residential segment.”
Housing sales have been encouraged by policy impetus from the central and state governments, as well as lower lending rates.
States including Karnataka, Telangana, Maharashtra, and Tamil Nadu have introduced stamp duty cuts and rebates in property tax to boost housing sales.
While property prices have grown at a compound annual growth rate (CAGR) of one to six percent across the high-end segment, and around two to seven percent across the mid-segment since 2010, the per capita GDP grew at a CAGR of four percent between 2010 and 2020.
Despite shoots of recovery in the residential sector, the report added that developers are still navigating through issues such as construction delays due to labor shortage, limited availability of credit, tax and regulation complexities, and higher input costs.
The Property Report editors wrote this article. For more information, email: [email protected].
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